NEW YORK CITY-Allianz Real Estate has acquired a 49% stake in an office condominium in the 30 Hudson Yards office building for $384 million. The deal is structured as a sale leaseback as part of a consortium alongside Related Cos. and a third-party investor, who have acquired the remainder of the office condominium.
The condominium is 1,463,234 square feet across 26 floors. The 2.6 million square foot tower is the second-tallest office building in New York and home to the highest outdoor observation deck in the city. The 90-story building stands 1,296 feet tall.
The acquisition follows the purchase of a 44% stake in 10 Hudson Yards, the first tower completed in the Hudson Yards development on Manhattan's West Side, in mid-2016 for $420 million.
The 30 Hudson Yards transaction will make New York the fifth most significant city for Allianz Real Estate, globally, in terms of total exposure. Last year Allianz Real Estate deployed $728 million in new equity transactions in the US, including the Ferry Building in San Francisco, 53 State Street in Boston and the Terminal Stores in New York City. At year-end, US assets under management totaled a record $18 billion, including both equity and debt.
"The US continues to play an active, central role in our global diversification strategy, with our focus firmly on tier 1 cities such as New York, Boston and San Francisco," said François Trausch, CEO of Allianz Real Estate in prepared remarks. "We will continue to seek out additional opportunities."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
